Summary

An entrepreneur is an individual who creates a new business, bearing most of

the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an

innovator, a source of new ideas, goods, services, and business/or procedures.

Entrepreneurs play a key role in any economy, using the skills and initiative necessary

to anticipate needs and bring good new ideas to market. Entrepreneurs who prove to be

successful in taking on the risks of a startup are rewarded with profits, fame, and

continued growth opportunities. Those who fail, suffer losses and become less

prevalent in the markets.

An entrepreneur combines the first three of these to manufacture goods or

provide services. They typically create a business plan, hire labor, acquire resources

and financing, and provide leadership and management for the business. Entrepreneurs

commonly face many obstacles when building their companies. The three that many of

them cite as the most challenging are as follows: Overcoming bureaucracy, hiring talent,

and obtaining financing. Given the riskiness of a new venture, the acquisition of capital

funding is particularly challenging, and many entrepreneurs deal with it via

bootstrapping: financing a business using methods such as using their own money,

providing sweat equity to reduce labor costs, minimizing inventory, and factoring

receivables. While some entrepreneurs are lone players struggling to get small

businesses off the ground on a shoestring, others take on partners armed with greater

access to capital and other resources.

 Reaction

Let us first define the meanings of an entrepreneur and the manager. Based on

some researches I’ve had, entrepreneur defined as someone who seeks new and

original ways of doing something, often used to describe a businessperson who finds a

new way of advertising or advancing a new product or the product itself.

Entrepreneur is a person who has an Idea that they implement for the betterment of

anybody in general i.e. either clients or employees or organizations or the society at

large and hence creates value for them by means of products/services which were not

really existent until now in the very form in which the entrepreneur is offering. The

product or service that the entrepreneur comes up with has distinguishable features and

thus the entrepreneur can be fairly stated as the founder or creator.

Another one is an entrepreneur is he who starts the business from scratch. For

example, initiating the plan, materializing and implementing and also creating brand for

his products and services. In simple words, entrepreneur who run the business in a

unique form. Let’s look at the other side of the story: the manager. A manager is

someone who organizes the members of a workforce and delegates responsibility to

those who can do the job. Another meaning for the manager is the one who directs a

team or athlete; a person whose work or profession is management.

Based on the descriptions stated above an entrepreneur is far way different from a

manager. As an entrepreneur, you are a business owner, a franchise owner and a CEO

of your own company. An entrepreneur requires many special skills as you are the one

inventing the product and offering it for the society.

 BIT International College
Tagbilaran City Campus
Graduate School Department

Masterand: Hannah R. Santito Subject: Management and Entrepreneurship

Course: Master of Education Professor: Leonarda D. Loayon, Ph.D.

Topic: Entrepreneur

Schematic Diagram
 BIT International College
Tagbilaran City Campus
Graduate School Department

Masterand: Hannah R. Santito Subject: Management and Entrepreneurship

Course: Master of Education Professor: Leonarda D. Loayon, Ph.D.

Topic: Entrepreneur Competencies and Assessment

Schematic Diagram
 Summary

Entrepreneurial education is “the process of providing individuals with the ability

to recognize commercial opportunities and the insight, self-esteem, knowledge and

skills to act on them” (Jones and English 2004, p. 416). Other authors still uphold the

term “Entrepreneurship Education” and propose its goal as to prepare students for

entrepreneurial practice and develop their knowledge, skills and attitudes (Garavan

et al. 1994; Samwel Mwasalwiba 2010). It is interesting to note that according to the

Recommendation of the European Parliament and the Council of 18 December 2006,

knowledge, skills and attitudes are considered the key components of a competence

(EU 2006, p. 13). In other words, entrepreneurship education aims to prepare students

for entrepreneurial practice and develop entrepreneurial competences (Lackeus 2015).

As a result, due to the heterogeneity in definitions and approaches, literature and

practice illustrate a certain confusion about what should be taught in academic

entrepreneurship courses and which competences need to be developed. The better

educators are able to identify and determine qualification goals and learning objectives

for entrepreneurship education, the better we can conceive and execute adequate

pedagogical trainings. A key construct in pedagogy that can help educators to clarify

and capture the learning objectives is the concept of competence. There are varying

definitions and uses of the word “competence” in the context of pedagogy,

entrepreneurship education and education policy. Therefore, a conceptual clarification is

desirable. Also, it is essential to review which specific competences are considered to

be important in entrepreneurship education in order to create a sound basis for the

design and implementation of high-quality courses and programs. Clarity about

entrepreneurial competences will support educators to choose content, define learning

outcomes, develop instructional design and appropriate methods for monitoring and

evaluation.
 Reaction

The goal of entrepreneurship education is to prepare students for entrepreneurial

practice and to develop profound entrepreneurial competences. Due to the

heterogeneity in definitions and competence frameworks in the field of entrepreneurship

education, literature and practice still illustrate much confusion about what should be

taught in academic entrepreneurship courses and which competences need to be

developed. An in-depth review of entrepreneurial competences dates back to the year

2008 by Mitchtelmore and Rowley. The purpose of this paper is to review newer

contributions and propose a synthesis of state-of-the-art by developing an updated

entrepreneurial competence framework. Both, a consolidated categorization approach

and a list of entrepreneurial competences are developed and suggested for educators

for the development of academic courses and practice-oriented training programs.

The first entrepreneurship course at Harvard Business School was proposed by

Myles Mace in 1947. Since then entrepreneurship has become an important academic

and teaching field (Gartner and Vesper 1994; Katz 2003; Kuratko 2005). The fast-growing number of

entrepreneurship courses worldwide led to a high variety of educational goals, teaching

methods and evaluation approaches (Purzer et al. 2016; Samwel Mwasalwiba 2010). Moreover,

a harmonized definition of the term “Entrepreneurship Education” does not exist in the

scientific community. In addition, enterprise education, entrepreneurship education, and

entrepreneurial education are often used interchangeably (Samwel Mwasalwiba 2010).

For this reason, Erkkilä (2000) has proposed a unifying term “entrepreneurial education”

as encompassing both enterprise and entrepreneurship education.

 BIT International College
Tagbilaran City Campus
Graduate School Department

Masterand: Hannah R. Santito Subject: Management and Entrepreneurship

Course: Master of Education Professor: Leonarda D. Loayon, Ph.D.

Topic: Business Ethics

Schematic Diagram

Business Ethics
 Summary

Business ethics is about how a company incorporates ethics into its operations.

There are many firms that choose profits over ethics; they profited through unethical

behaviour. Even though there are many firms that at one time have engaged in

unethical behaviour, it is not a good long-term business strategy for a company.

Unethical behaviour of a company may change its reputation. Employees are more

likely to loyally serve a company with a good reputation. Therefore, many argue that

ethical behaviour is the best long-term business strategy. However, doing what is

ethical may be very costly to a company. Ethical behaviour is not always rewarded and

unethical behaviour is not always punished. But ethical behaviour can give a company

significant competitive advantages over companies that are unethical.

Consumers and employees do not like and support unethical behaviour. This

leads to the fact that unethical behaviour of companies leads to a loss of consumer and

employee support. Ethics may be the best policy in the long run, but the ethical course

of actions is not always clear to the managers of a company. Everyone in business has

to deal with ethical choices. For instance; if you found out that a friend of you is stealing

from the company and have to decide whether you turn him in or not. Morality can be

defined as the standards that an individual or group has about what is right or wrong or

good and evil. Moral standards are the norms about the kinds of actions believed to be

morally right and wrong as well as the values placed on what we believe to be morally

good and morally bad. These moral standards can be seen as general rules about our

actions.
 Reaction

Moral standards are learned as a child from his family, friends, school, television

etc. Later, when one experiences intellectual development, these standards are revised.

With the new knowledge one decides whether he judges them reasonable or

unreasonable. In the maturing process one may discard some standards and may adopt

new standards that suite more with the life of an adult. But we do not always live up to

our moral standards. One does not always what is morally right. In contrast to moral

standards we have nonmoral standards and norms. These are the standards by which

we judge what is good or bad and right or wrong in a nonmoral way. These include the

standards of etiquette, rules of teachers and parents, the law, the standards of

language, rules in sports etc. These nonmoral standards are often called conventional

standards.

All our judgments are based on some kind of standards and norms, moral and/or

nonmoral. Sometimes we choose nonmoral standards over moral standards. The ability

to distinguish between moral and nonmoral norms emerges at a very early stage in life

and will remain throughout the entire life. Elliot Turiel found that at the age of three, a

child is able to tell the difference between moral and conventional norms. This is an

ability that every human being in every culture develops. However, there are differences

between cultures in the field of which norms are moral and which norms are

conventional. In some situations one can apply various moral standards. When this is

the case one has to decide which moral standard is more important. The ultimate aim of

ethics is to develop a body of moral standards that you feel are reasonable for you to

hold.